Officials in King County are showing their support for a bill in the Washington State Senate that would raise the limit on property tax revenue.
The measure aims to address a $50 million budget deficit for 2025. However, there are concerns that this could lead to higher taxes for property owners.
Support for Senate Bill 5770:
During a recent meeting of the King County Budget and Fiscal Management Committee, Council member Girmay Zahilay expressed his support for Senate Bill 5770. He believes that if the bill passes, it could help alleviate some of the budget shortfalls the county is facing.
Budget Deficit and Limited Revenue:
The county’s financial forecast predicts that without new revenue, the 2025 budget will require an additional $30 to $35 million in reductions. The county has been relying on federal COVID-19 funding to fill budget gaps, but that funding will soon be depleted. The county’s main source of revenue is property taxes, but state laws limit the growth of property tax revenue to 1% per year.